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Asset management house Fidelity slashed the estimated worth of its wager in business messaging platform Gupshup by another 7.7 % last calendar month , turn down the economic value of its holding in the SaaS startup by a sum of more than 65 % since its investment in mid-2021 .
One of the investment company operated by the U.S. plus manager valued its retention in Gupshup at $ 5.62 million at the death of November , down from $ 6.09 million in October , concord to a monthly revealing .
Fidelity had originally invested $ 16.2 million from its Blue Chip Growth Fund in Gupshup in mid-2021 in a funding round that respect the San Francisco - headquartered startupat $ 1.4 billion .
agree to Fidelity ’s calculation , the asset manager now values Gupshup at $ 486 million .
Gupshup , which started its journeying in India 17 years ago , raise $ 340 million in 2021 from a clutch of investor , including Tiger Global , Think Investments , and Malabar Investments .
